Your Business and Industry
The BTL remortgage opportunities in Q1 and beyond
There is good news for mortgage advisers as a significant number of existing landlords – one-third – say they plan to remortgage over the next 12 months.
Q1 2023 represents a challenging period for lenders and borrowers alike but it is also a period which is likely to generate as many opportunities as it does challenges for the intermediary market.
There is good news for mortgage advisers as a significant number of existing landlords – one-third – say they plan to remortgage over the next 12 months. Of those who intend to remortgage, one in three are unsure, at this stage, what product they might opt for, with many saying they will take advice from their broker on what is the best option for them.
This is according to the latest Q4 2022 BVA BDRC Landlord Panel research report which also reported that, due to having more properties on average, portfolio landlords (those with 4+ BTL mortgages) have stronger remortgage intentions in the next year compared to their ‘consumer’ BTL landlord counterparts (46% vs. 17%).
Breaking this down further, most landlords intending to remortgage in the next year, either plan to remortgage as an individual (50%) or within a LTD company (25%), with a minority either unsure at this current moment (14%) or intending to remortgage in the name or their partner/spouse (6%).
There is a huge amount of remortgage business set to be completed in 2023 and with some lingering economic uncertainly - combined with additional complexity around lending criteria, policy, affordability and ICRs - there are plenty of opportunities for proactive advisers to demonstrate their expertise and value to even the most experienced of landlords. And working closely with specialist buy-to-let lenders will provide many of the answers that they and their clients require over the course of Q1 and beyond.
FOR INTERMEDIARIES ONLY
